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5 Tips to Finding the Best Business Credit Cards
By Daniel Cohen
If you run a business or have just started one, you can avail of the benefits of a business credit card. These cards help you manage your finance and take care of the expenses for your office. There is a lot of competition among different credit companies all vying to sell business credit cards. How do you pick the one that appeal to you from the lot?
Here are 5 tips to help you find the right kind of business credit card for you:
1. Your business needs: If you have just started with a business, the kind of expenses that you incur differs as against the kind of expenses you incur when you are already established. If you have just started, then you will have to spend on supplies and machinery whereas if you are established, you have to spend on the current inventory and daily needs. Also if you have a business that needs to constantly buy things, then you will have to go for a business credit card that has no upper credit limit or a high credit limit. If you have an established business, then you are expected to pay the balance in full every month. If not, then you will have to apply for a business credit card which allows you to make part payments.
2. The perks: Buy a business credit card which has a rewards programs, cash back offers or such other incentives. If your business involves traveling a lot, then choose a business credit card that allows you to amass frequent flier points or air-miles that can be redeemed for flight tickets. You can also choose a business credit card with a cash back through out the year or discounts with different retailers and whole-sellers throughout a financial year.
3. Flexibility: Choose the business credit card that can adapt to your business dynamics. Find out if you can use your credit card for cash advances and make payments through credit card checks. You should know what the repercussions are when your card goes over limit or there is a late payment. Choose a card wherein it is clear that you are not responsible for any expenses incurred in case your credit card is stolen. You should be able to replace the credit card immediately so that you do not lose on your business.
4. Tracking: There are expense reports generated for the usage of business credit cards. When this happens, you get to know the record of your business expenses vis-à-vis personal expenses. Insist on the business credit card company to give spending reports because these spending reports also help the employers evaluate and keep a track of employee spending too. There are many companies which give group discounts on the business credit cards, the benefits of which can be transferred to the employees.
5. Travel and entertainment: When you are abroad, it is not suitable to get a lot of cash or deal in foreign currency for hotel expenses and travel. You can use the business credit card which also has a lot of status value too. You can use the business credit card for pleasurable activities like entertainment and corporate dining and payments for corporate retreats.
Make sure that you get all the general benefits that come along with the business credit cards like zero percent or low APR, and no annual fee. Compare the APR rates and choose the best business credit card.
About the Author
Daniel Cohen recommends Find Credit Cards for comparing the best business credit cards. See http://www.findcreditcards.org/type/business.php for more information
Article Source: http://www.simplysearch4it.com/article/24665.html
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